The M&A Advisor names Tervita recapitalization Energy Deal of the Year

Dec 21, 2017

Osler is pleased to announce that the firm’s work on the 2017 recapitalization of Tervita Corporation has been recognized by The M&A Advisor; the transaction was named Energy Deal of the Year (over $1B) in the 12th Annual Turnaround Awards.

The nominations for the Turnaround Awards included more than 250 participating companies and were judged by an independent jury of experts.

“The award winners represent the best of the distressed investing and reorganization industry in 2017 and earned these honours by standing out in a group of very impressive candidates,” said David Fergusson, Co-CEO and President of the The M&A Advisor. “In an environment that is increasingly demanding of its professionals, we have recognized the leading transactions, firms and individuals that represent the highest levels of performance.”

Tervita is an Alberta-based mid-stream oil and gas services provider. Between 2014 and 2016, Tervita experienced declining revenues and increased pressure to right-size its $2.6-billion third-party debt obligations. As an alternative to insolvency proceedings, an innovative recapitalization transaction under the Canada Business Corporations Act was implemented to address Tervita’s financial crisis, which resulted in a significant reduction of Tervita’s total indebtedness and provided it with the flexibility and working capital to pursue new growth opportunities.

The Osler team that worked on the Tervita transaction included Marc Wasserman, Michael De Lellis, Martino Calvaruso and Michael Shakra (Insolvency); Andrea Whyte, Lorne Carson, Justin Sherman and Miju Damodar (Corporate); Kevin Morley, Martha Martindale and Josh Lam (Financial Services); Colin Feasby (Litigation); and Firoz Ahmed and Ted Thiessen (Tax).

The awards will be presented at a Black Tie Gala on Wednesday, March 21, 2018 at The Colony Hotel, Palm Beach, FL.

Read more about the 12th Annual Turnaround Awards [PDF].